U.S. proposals to drop trade barriers taken seriously by allies: Mnuchin

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U.S. Secretary of the Treasury Steven Mnuchin speaks during a news conference at the G20 Meeting of Finance Ministers in Buenos Aires, Argentina, July 22, 2018. REUTERS/Marcos Brindicci

BUENOS AIRES (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Sunday that G7 industrial powers were taking seriously his call for them to drop tariffs, non-tariff trade barriers and subsidies and added the Trump administration would press these issues in upcoming talks with the European Union’s top executive.

Mnuchin said at the close of a G20 finance leaders meeting that President Donald Trump’s trade stance was not about protectionism but wanting free and fair trade for the United States.

“We very much support the idea that trade is important to the global economy, but it’s got to be on fair and reciprocal terms,” Mnuchin told a news conference.